the problem, page-10

Ice,

The problem I see has to do with:

1. Lack of concrete information from AZZ about their remaining O & G 'black box'.

It could be worth 10 cents or $50 million or more. Who knows?

2. Sellers - the current sellers could care less about maximising their return. it appears that all they want is to get out at any price. When they are gone the share price might actually go up a little, but it will have a huge wall to climb with all those cheap shares having been dumped.

3. AZZ's future plans. Based on previous use of cash from selling their assets in Turkey the susequent activities also turned out to be a bigger turkey. An Oklahoma turkey. IMO I'd rather have the cash, let the JV with Petrohawk provide the growth, and then see what happens.